Kolkata Apartment Complexes Sees an Upsurge

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Agreeing to a long-standing demand of developers for the real estate sector in West Bengal, in its recent budget, the state government decided to reduce stamp duty and curb circle rates. With this new development, the apartment complex has seen an upsurge but there is more to this. Let’s see what’s in store for homebuyers-

The positive impact of Government subsidies on apartment complexes

With a 2% reduction for registration of deeds coupled with a cut of 10% in circle rate, the latest move by the Bengal Government has encouraged real estate developers in Kolkata to launch new projects for apartment complex and boost fresh investments in the sector.  Welcoming the decision, realtors are looking forward to investment in the city from some of the industry’s key players. Furthermore, the new move will help in creating jobs and also help in reviving the state economy.  With the latest subsidies from the government, it is an exciting time for homebuyers as it could lead to savings of Rs 50,000 to over Rs 2 lakh, depending upon the value of the property they are seeking.   

Let’s not forget the positive impact of the limited-period stamp duty cut in Maharashtra on the real estate markets of MMR and Pune. Housing sales surged in spite of the crippling effect of the COVID-19 pandemic. 

Real estate India witnessed severe economic repercussions in the months of April and May owing to the deadly second wave of COVID-19, however signs of recovery began to surface in June with overall pan-India price growth of 1.7% during the quarter. 

Real Estate Trends in Kolkata for Apartment Complex

Based on a real estate survey,  57% of buyers prefer ready-to-move-in apartment complexes while 27% are interested in resale flats in Kolkata. Even millennials who are used to the rental lifestyle, prefer buying a home in the pandemic era. Until last year, the 25-40 demographic constituted about 49%, however this percentage has escalated to an extraordinary 63%.

There is also a substantial increase in the homebuyers’ budget. 58% of buyers plan to purchase a flat in Kolkata within ₹60 lakh while 13% want to buy an apartment complex within ₹60 lakh to ₹80 lakh, the survey reveals. On the other hand, around 19% of respondents were interested in buying a property within the budget of ₹80 lakh to ₹1 crore. Furthermore, last year only 10% contributed to that budget bracket. At least 11% of respondents are looking to purchase a property over ₹1 crore, a figure that is also up from last year’s 7%.

3 BHK Apartment Complexes are preferred

Notable demand was noticed in the 3bhk apartment complex in Kolkata. With the newfangled work-from-home policies, homebuyers preferred an upgrade with the need of an extra room for the home-office requirement.

Furthermore, eight key real estate markets in India- Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, the Mumbai Metropolitan Region (MMR), the National Capital Region and Pune witnessed the highest demand in the affordable housing segment i.e. apartment complexes valued up to Rs. 45 lakh. The demand is mainly the result of huge unsold inventory. Moreover, with the government-linked subsidy schemes, affordable housing and mid-price houses in Kolkata are expected to gain better demand. 

List of the Top Real Estate Builders and their flats in Kolkata

1. PS Group

Founded in 1985, PS Group has experience of over three decades. With its existence all over the city, PS Group has earned itself the name of one of the most reputed and trustworthy real estate developers in Kolkata. The company has over 100 joint ventures and more than 130 completed projects to its credit. PS Group is one of the top leading real estate companies in East India with a presence in over 4 Indian cities, over 25 green projects, and more than 70 awards and recognition. Furthermore, the group is a founding member of the Indian Green Building Council. 

PS Group has over 30 projects underway and over 130 completed projects under its belt. Furthermore, PS Group lays special emphasis on sustainable living and has 15 Green Buildings under construction and over 100 completed joint ventures. Yes, you are right, PS Group is definitely one of the top construction company Kolkata. With its latest projects, PS Group has set new benchmarks for real estate developers in India.  

Top 2bhk and 3 bhk apartment complexes in Kolkata by PS Group

– The 102 2bhk and 3 bhk flats in Joka 
– One 10, 2 bhk and 3 bhk flats in New Town Action Area 1 
– The Soul, 2 bhk, 3 bhk and 4 bhk flats in New Town Action Area 3
– Eternia, 2 bhk and 3 bhk flats in Madhyamgram

Top luxury apartments in Kolkata by PS Group

– Navyom 4 bhk, 5 bhk and duplex apartments in New Alipore 
– Jiva 3 bhk and 4bhk flats in Phoolbagan 
– Aurus 3 bhk, 4bhk, 5bhk flats off EM Bypass 
– Vyom, 3 bhk and 4bhk ready to move flats in New Alipore 
– Amistad, 3 bhk flats in New Town Action Area II
– Anassa, 4 bhk and 5 bhk flats at EM Bypass  
– Panache, 3 bhk flats in Saltlake

Emami Group

Emami Realty is one of the most trusted and diverse real estate brand in the city that was founded in 1974. The company has a market valuation of about Rs. 50,000 Crore. The group is across 11 key businesses extending to 63 countries including India, Sri Lanka, Bangladesh, Nepal, GCC, UK, and other African and CIS countries. Apart from real estate, the company also boasts a diverse and significant presence in industries engaged in manufacturing, marketing, personal care and even healthcare products. 

Mani Group

Mani Group belongs to one of the leading real estate developers in Kolkata, as it has a diverse portfolio to its credit and has built strong foundations in the residential, retail, education, healthcare and hospitality sectors. With presence in the industry of more than three and a half decades since 1980, the company has developed more than 25 million square feet across 50+ properties and is working steadily towards developing in and around Kolkata, Durgapur, Jaipur, Siliguri and Bhubaneswar, and has 11 million square feet more to offer across Kolkata, Bhubaneswar and Durgapur.

Srijan Realty

Srijan Realty Private Limited is one of the leading real estate companies of eastern India with a strong presence in the city of Kolkata, Asansol and Burdwan in Eastern India and Chennai in the south. It was initially established as a real estate marketing company (NK Realtors) and later evolved into real estate development in 2003. With 17 years of experience, 29 completed projects, and an approximately 74 lac sqft developed area, and approximately 167 lac sq ft area under development, Srijan Realty belongs to the top construction company Kolkata. The group has a diversified realty portfolio that includes residential, commercial parks, retail establishments, hospitality destinations, service apartments, retail showroom, and logistic parks. 

Jain Group

Jain Group is one of the most dynamic companies in the verticals of real estate, hospitality, and finance in Eastern India. With an experience of more than three decades, it has rightfully made its mark as one of the top real estate developers in kolkata, Jain Group has a series of residential and hotel spaces at strategic locations in Kolkata, Siliguri, and Durgapur to its credit. The company has also earned a reputed name in the field of automobile finance with the establishment of Topaz Motors. The aegis of Jain Group ‘Dream Homes’ is a trusted brand within real estate projects Kolkata. Furthermore, the Group has diversified into the development of 5 Star Hotels in Kolkata, Durgapur and Siliguri.

Apartment Complexes will continue to grow

Your home will have a dramatic impact on your standard of living. It is therefore important to choose a flat in kolkata from a reputed real estate developer. Before buying an apartment complex, study the  company referrals as these come from a strong base of loyal customers. So, good luck making your best decision and moving into your new home! 

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